JOHANNESBURG (miningweekly.com) – Trans Hex expects net profit for the six months ended September 30 to swing to R35.8-million, from a loss of R53.9-million in the first six months of the prior year.
Similarly, profit after tax from continuing operations would improve, from a loss of R69-million in the prior year’s period, to R25.2-million in the half year under review.
Earnings a share would likely increase to 34.1c apiece for the period from a loss a share of 51c in the prior comparable period.
Trans Hex added in a trading update on Friday that production from its South African operations had increased by 48.5%, from 21 849 ct in the first half of the previous financial year, to 32 450 ct in the first six month of this financial year.
In Angola, production at the Somiluana mine increased to 44 400 ct and total sales increased to $21.3-million.
Sales revenue increased by 59.4% to R414.1-million, while the cost of goods sold increased by 5.4% to R337.7-million.
The South African operations achieved a pre-tax profit of R44.5-million, against a loss of R88.6-million in the prior year’s corresponding period.